The Mexico GP was last raced in 1992 when British driver Nigel Mansell won; he would go on to win the world championship that year. The race was also notable for being the first GP in which Michael Schumacher finished on the podium, the Benetton driver claiming third behind second-placed Riccardo Patrese.

The deal is expected to be official announced on Wednesday, Forbes reported, with the race returning to Mexico City’s Autódromo Hermanos Rodriguez where the last race was held.

There are currently two Mexican drivers on the F1 grid - Sauber's Esteban Gutierrez and Sahara Force India's Sergio Perez.